Friday, February 08, 2013

Mobile Banking and Change is Coming

I am reading the book Bank 3.0 by Brett King.  In this book he writes about the monumental changes taking place in the banking industry due first to the Internet and now mobile.  Here is an excerpt, "The average individual is spending 94 minutes or so a day using apps, checking emails and texting up to 100 times per day.  We're logging on to mobile banking 20-30 times per month and Internet banking around 7-10 times per month, but visiting a branch (of a bank) only a few times a year."

As you can recognize from this excerpt the role of the traditional bank is completely changing.  It will never go back.  I have shared before on this blog, that my wife used the quality and function of bank's mobile apps to select our personal bank.  We wanted two specific things, good international banking and a great mobile app.  Both of these services are primarily IT functions.

Here is another excerpt from King, "Banks will be predominately IT or technology companies in the near future, with banking simply the utility provided through that technology."  What technology?  Mobile technology!

Dozens of industries today are being disrupted by mobile technologies.  Healthcare, banking, government, financial services, insurance, education just to name a few.  These are industries primarily based upon information.  Where do we get most of our information today?  On our mobile devices.

Here is one last excerpt from King that I find very powerful,"If you aren't introducing innovations at the same rate at which customers are adopting these new technologies, you risk losing your customers to others…"
Kevin Benedict, Head Analyst for SMAC, Cognizant
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Full Disclosure: These are my personal opinions. No company is silly enough to claim them. I am a mobility and SMAC analyst, consultant and writer. I work with and have worked with many of the companies mentioned in my articles.